With more and more people being dragged into self assessment, Max the puppy came into the TaxAssist Accountants office today concerned about bone tax!
Although of course dogs clearly don't get taxed, us humans do and the first tax deadline has already passed.
If you missed the 31 October 2014 deadline for paper returns, you are still able to register to file your return online, giving you until 31 January 2015 to get it in.
Beware, however, if you submit a paper return after 31 October and incur the £100 fine, submitting an online return as well will not cancel the penalty. Only one tax return can be filed per year.
Missing the 31 January 2015, could prove more costly. If you miss the final deadline to file your 2013-14 return HMRC will charge you £100.
The following fines are levied for subsequent missed deadlines:
Three months late - A fine of £10 for each following day up to a 90 day maximum of £900. This is in addition to the fixed penalty above, so the overall fine could be £1,000.
Six months late - A fine of either £300 or 5% of the tax due, whichever is the higher, will apply on top of the penalties above.
12 months late - Another £300 fine or 5% of the tax due, whichever is the higher, will be added to your bill on top of the penalties above. In serious cases you may be asked to pay up to 100% of the tax due instead, as well as any tax you owe, doubling your payment.
Not to mention penalties and interest for late payment of any underpaid tax.
With Christmas between then and now, time can rapidly run out, so don’t delay.
